Infinite Uptime, an Indian industrial IoT startup that gives predictive maintenance solutions for machinery, has secured a further $18.85 million as a part of an ongoing funding round led by Tiger Global.
The Series B3 round also saw participation from other existing investors including Mayfield, GSR Ventures, VenturEast and THK. The investment will help the startup strengthen global market share and expand value delivery, it said.
Mechanical problems, akin to wear and tear, deterioration and heightened vibrations, continuously contribute to equipment breakdowns in manufacturing facilities. Infinite Uptime helps mitigate these by utilizing industrial data analytics that gives a spread of indispensable features, including real-time condition monitoring complemented by cloud data backup support. It also encompasses a smart dashboard that gives live monitoring capabilities and the power to forecast Remaining Useful Life (RUL) and downtime, enabling businesses to strategize and execute timely maintenance actions.
Founded in December 2015, the Pune-based startup offers tailor-made solutions with distant condition monitoring, data-driven machine diagnostics and digital reliability services using intelligent data analytics to assist improve plant reliability and offer failure predictability for manufacturing facilities.
“This investment is a powerful validation of our business strategy and growth potential,” said Raunak Bhinge, Founder and CEO, Infinite Uptime, in a prepared statement. “This may enable us to speculate heavily into fundamental research & product development, expand our capabilities and overall expertise, helping us deliver more value and exceed the needs of our customers in an ever-evolving market.”
The startup has amassed over 300 customers and counts firms including Vedanta, JSW Steel, Hyundai, Borosil, Ceat and Adani amongst its clients across different parts of the world.
“Infinite Uptime has helped their manufacturing partners see improved plant reliability, production volume, and overall efficiency. We’re excited to be investing behind them and their continued growth,” Griffin Schroeder, Partner at Tiger Global, said in a press release.
Infinite Uptime has helped its customers save over 11,000 hours of unplanned downtime by utilizing advanced analytics, AI and distant monitoring capabilities.
“Mayfield, because the seed investor in Infinite Uptime has witnessed its stellar growth into not only a market leader but an evangelist within the IoT space. We remain excited and proceed to speculate alongside other investors in Infinite Uptime’s exciting journey,” said Vikram Godse, Managing Partner at Mayfield.
The startup has its offices in Berkeley, California and Dubai — aside from its India office within the western Indian city of Pune.
“We imagine Infinite Uptime will play a key role in increasing the efficiency of factory floors thus enabling the worldwide south to compete,” said Sanjeev Yamsani, Partner at VenturEast. “Their ability to scale the product to global south from India is a compelling example of innovation that India can construct for the world.”
The fresh investment in Infinite Uptime comes at a time when Indian startups are struggling to boost capital as global VCs are quite conscious in putting their money as a result of the macro-level funding crunch in addition to financial irregularity issues grappling a number of the top startups within the country.